FX News

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Sterling couldn’t capitalise on the Dollar weakness yesterday, as Brexit fears continue to hamper positive Sterling sentiment. Cable had broken through the 1.4400 level but failed to maintain the momentum in the US trading session, opening this morning at 1.4379.

In a speech to the Economic Club of New York yesterday, Federal Reserve Chair Janet Yellen highlighted the need to be cautious about raising rates. She also highlighted that low oil prices and slower growth abroad are potential risks to any rate hike.

The Easter weekend saw gains for Sterling against the Dollar despite thin volumes. As the British market re-opens this morning - GBPUSD is at 1.4200, up from the 1.4050 close on Thursday. The spike is being viewed with skepticism by traders as ‘Brexit’ fears remain strong.

The Dollar proved the winner yesterday, gaining against all of its major peers after risk sentiment improved and commodities' prices dropped. FED members James Bullard and Charles Evans suggested there should be a couple of interest hikes this year; encouraging confidence in the US economy.

GBPUSD tanked to 1.4251 at the beginning of yesterday, tracking the slide in stocks, along with fears of a ‘Brexit’ fueled by the latest terror attacks. The pair recovered up to the 1.4300 levels following the release of local CPI and PPI data, but was unable to hold above 1.4300.

Current events unfolding in Brussels this morning will create uncertainty for the rest of the week at least. The initial reaction has been currency flows from Euro and Sterling to the safe haven of Japanese Yen.

The Dollar was the main focus for the markets last week as the Fed indicated that they will limit the amount of tightening for the rest of the year, consequently causing Dollar weakness across the board.

There were no surprises yesterday as the Bank of England voted in favour of keeping interest rates at 0.50%. For the second successive month this came in as a unanimous vote. Interestingly, there were very few comments on the chance of further cuts, as plans remain for the interest rate...

UK labour market data came in slightly better than expected yesterday morning. The number of unemployed people in the UK fell by 18,000 in February - double the expected number. Average earnings beat expectations coming in at 2.1%, up from the previous month’s 1.9%, indicating that levels of pay in...

We open the day with most of the major currencies little-changed during overnight trade as the markets wait with bated breath for the monetary policy announcement from the Federal Reserve before committing to a firm directional bias.

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